Skandia
WAITING FOR WINDFALLS
Millions of Brits are gambling with their future by relying on a lottery win or inheritances to fund their retirement, according to a study.
Six per cent even plan to marry someone rich instead of saving for the days when they no longer work.
Other ways people are planning to pay for their lifestyle once they hit retirement age include downsizing to smaller property or simply continuing to go to work.
The study of 3,000 Brits was carried out by savings and pensions provider Skandia.
Yesterday spokeswoman Michelle Cracknell said: ''If you know you are in line to inherit money or property from family members, it can certainly make you feel more relaxed about your retirement years.
''But it's worrying to think that so many people are relying on things like inheritance and big money wins to help them when they stop work.
''Things can always change and the inheritance may go down in value or even disappear altogether, and the lottery and competition prizes are a pipe-dream for most of us, so it's always good to have a real plan in place.
''For many people, sitting down and planning how you are going to finance a retirement can seem like a chore and many are simply hoping for the best.
''However, it's important to give it some thought to make sure you have a plan in place to ensure you are able to have an enjoyable lifestyle once you no longer have to worry about getting up for work each day.
''If you don't understand financial products you can still take control by going to see a financial adviser.''
It also emerged 51 per cent are worried about how they are going to fund their retirement years.
And four in ten haven't given any thought to what they are going to do financially when they finish work.
But of those who are ignoring pensions or savings accounts and relying on lottery wins and inheritance instead, more than a third say it's because they can't afford to put the money aside, while 30 per cent want a chance to get higher sums of cash.
Another 17 per cent admitted they simply don't understand how pensions or ISAs work.
Researchers also found that although more than half of the population are planning to invest in a private pension or have put money into a savings account, another half admitted they still feel like their retirement is too far off to start thinking about it yet.
And while the average Brit starts planning for the end of their working life around the age of 32, more than one in ten will leave it until they reach 50.
But researchers found that many will need to start planning sooner rather than later as the average Brit thinks they will need an annual income of more than #22,000 to fund their retirement lifestyle.
One in five even hope to retire by the time they reach their fifties, but in reality, just 11 per cent think this is a realistic option.
BRITS' RETIREMENT PLANS
1. Live off savings
2. Live off state pension
3. Live off private pension
4. Carry on working
5. Live off inheritance
6. Live off investments, shares, gilts or bonds
7. Downsize (property)
8. Win the lottery
9. Win premium bonds
10. Marry someone rich
